The aforementioned cuts have begun at the House o’ Gorman.
“Layoffs at Morgan Stanley started yesterday at all levels and will continue today and Monday (at least) in fixed income…Heard it will be bad in SPG.”
Update: Apparently, “MD cuts are happening today…hearing two weeks severance for every year of service.”
Just got home. Anyone hiring a guy with a good attitude on life?
Can you write short, humorous and interesting stories about finance related subjects without resorting to graphs and hyperlinks?
No.
It is tough out there. To those about to die, we salute you.
Can you write short, humorous, and interesting stories about finance-related subjects without resorting to nearly revealing the identity of commenters?
That trout was bout this big, sarge
I would spear the fuck out of that trout.
Now you know.
Dear outgoing MSDW employee;
In order to express our gratitude for your years of service' we have arranged with the Harborside Financial center to provide a free glass of ice tea to all outgoing employees. Please present your seperation package or box of personal belongings to the cashier to take part in the offer.
In other news, Macy's shoe department has seen an influx of resumes.
"Each of our Associate Programs is designed to supplement what you've learned in the classroom and accelerate your ability to significantly impact the team. As an extension of our appreciation for what each candidate brings to the program, Morgan Stanley provides opportunities for development and growth at the firm while fully supporting each Associate's skills and future goals."
http://www.morganstanley.com/about/careers/associ…
Gore-man
Why bother, my new position as head of IR for Sykes Capital Management is clearly the NKI.
You must be a new commenter.
I heard Groupon is still hiring social media quants.
so then…. is being an old commenter the NKI?… or the new normal?
Don't worry honey. The "Jelly of the Month" club in the separation package will cover our food costs!
Can you tell me the air speed of an unladen swallow ?
Step 1: Hire McKinseyans to propose audaciously ludicrous build-out
Step 2: Hire legions of incompetent employees in short period of time
Step 3: Increase expenses astronomically without increasing revenue
Step 4: Hire McKinseyans to propose audaciously ludicrous shrinkage
Step 5:???
Step 6: Profit!
I hope they at least provide the standard Jeter parting gifts in the black car departure vehicle
MSDW?? How old are you?
Pre-cambrian.
it's the gift that keeps on giving
You were an asshole, Goreman
+ 1
change firm name to Stanley Morgan, it'll turn everything around. no need to lay off people then.
the big FID cuts will happen on monday and tuesday
some of you little weiners have funny comments – don't get me wrong, many of them blow, but some are funny
Also happening in IBD
A couple really deserving MD's got it, I bet all of the do nothing ED's they had been protecting are crapping their pants right now
"Yeah, like the guy in the three thousand dollar suit would keep on the guy who didn't make that in last year's bonus. COME ON!"
To all the folks who were laid off. Don't you think it's wrong to layoff people without notice? I understand in a tough economy a company needs to stay lean" but what is wrong with notifying the affected in advance?
For example in Germany an employee has to be notified in wariting usually 4 weeks in advance.
Comments?
Lame duck employees are worse than dead weight, they are a liability to the firm.
"MD cuts are happening today…hearing two weeks severance for every year of service.”
MS follows in Nomura's footsteps; Gorman's nip shooting ancestors roll over in their mausoleums.
how exactly is Jimmy G following in Nomura's footsteps ?
Agree. The two "quant" MDs let go in NY had been protecting a bunch of deadwood EDs for years.
I saw what you did there
I saw what you did there
It would have been better Dec 1 then the family could have been put on notice through the holidays. You show up for work in Jan and are counting the days until bonus numbers come out then the phone rings…..
They get 3 months pay/benefits in NY. State law for layoffs of this size
Don't think this isn't happening at other firms in the next couple of weeks too. They are all just being sneaky about it. BarCap is full of themselves at the top worse than Morgan or Goldman. Very political organization. The worker bees will be the ones to go once again!
From of the laid off…..
Why did I ever bother to work so hard and be loyal for Morgan Stanley for over a decade?
Thanks Guest. Do you know the process? What I mean is when you are laid off do they tell you that you will get 3 months pay/benefits?
The people who were laid off from my team were not told anything about this.
Could you be mistaken?
By the way, people who voted me down, can you please give me a reason?
fred, because you are honest and a hard worker. I think it's mostly our fault because we don't elect people who don't have our interest at heart.
Like I said in my original post, losing a job is part of the cycle; the issue is how it is done. In my opinion we should by law be required to give at least 4 weeks’ notice to employees in writing.
Likewise employees need to understand that there are situation where a company has to let go of people to "stay alive"
Try being laid off after 22 years!
Don't forget the big fat retention bonuses that were given to the high producing financial advisors when the two companies merged. They have to pay for them somehow.
I get the whole "we have to lay people off thing" me personally….had the ops manager asking me for help with technology and how to get her job done. There are people in that office working the same gig I was working who didn't know the rules and regs or how to do their job…but they are still working..which is okay cuz I am on vacation. People have to get let go but it's not based on knowledge of the job or industry…sometimes it is personal. No one will ever admit it but it is.
40 yrs old w two kids worked the shit out his butt wasted weekends for four years on this greedy company, thanks again and I don't want to hear about MS again
What kind of severance do the part-time employees get? I was an employee for 15 years and was just recently moved from full-time to part-time.
Yes, that was the case at the branch I used to work at. Heard the person got a promotion. Go figure.
I also feel that sometimes it is personal, they use the lay offs as an excuse to get rid of people they don;t like.
b9Cigf I really liked your article. Great.